2015 Nevada Revised Statutes
Chapter 309 - Local Improvement Districts
NRS 309.180 - Form, style and contents of bonds; completion of plan when money from bonds insufficient; prior liens.

1. The bonds authorized by vote must be designated as a series, and the series must be numbered consecutively as authorized. The portion of the bonds of the series authorized to be sold at any time must be designated as an issue and each issue must be numbered in its order. The bonds of that issue must be numbered consecutively commencing with those earliest falling due. They must be negotiable in form and payable in money of the United States and in such amounts and maturing at such time or times, not exceeding 20 years, as the board of directors may prescribe. Interest coupons must be attached thereto, and all bonds and coupons must be dated on January 1 or July 1 next following the date of their authorization. The bonds must bear interest at a rate which does not exceed by more than 3 percent the Index of Twenty Bonds which was most recently published before the bids are received or a negotiated offer is accepted, payable semiannually on January 1 and July 1 of each year. The principal and interest must be payable at the place designated therein. Each bond must be of a denomination of not less than $100 nor more than $1,000, and must be signed by the president and secretary, and the seal of the district affixed thereto. Coupons attached to each bond must be signed by the secretary. The bonds must express on their face that they were issued by the authority of this chapter, naming it, and must also state the number of the issue of which the bonds are a part. The secretary and the treasurer shall each keep a record of the bonds sold, their number, the date of sale, the price received and the name of the purchaser.

2. In case the money raised by the sale of all the bonds is insufficient for the completion of the plans and works adopted, and additional bonds are not voted, the board of directors shall provide for the completion of the plan by levy or assessment, except that when the money obtained by any previous issue of bonds has become exhausted by expenditures authorized by this chapter, and it becomes necessary to raise additional money to carry out the adopted plan, additional bonds may be issued if authorized by the electors of the district at a special election for that purpose or a district election or primary state election. The election must be conducted in accordance with the provisions of this chapter with respect to an original issue of bonds.

3. The lien for taxes for the payment of interest and principal of any bond series is a prior lien to that of any subsequent bond series. The time for the issuance and maturity of the bonds and the manner of their payment may be otherwise determined and directed if submitted to a vote by the electors of the district at the election authorizing the bonds.

[16:24:1928; NCL § 3470]—(NRS A 1959, 99; 1971, 2107; 1975, 852; 1981, 492, 1413; 1983, 582; 1993, 1057)